NTU-bankruptcy problems: consistency and the relative adjustment principle

Bas Dietzenbacher*, Peter Borm, Arantza Estévez-Fernández

*Corresponding author for this work

Research output: Contribution to JournalArticleAcademicpeer-review

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Abstract

This paper axiomatically studies bankruptcy problems with nontransferable utility by focusing on generalizations of consistency and the contested garment principle. On the one hand, we discuss several consistency notions and introduce the class of parametric bankruptcy rules which contains the proportional rule, the constrained relative equal awards rule, and the constrained relative equal losses rule. On the other hand, we introduce the class of adjusted bankruptcy rules and characterize the relative adjustment principle by truncation invariance, minimal rights first, and a weak form of relative symmetry.

Original languageEnglish
Pages (from-to)101-122
Number of pages22
JournalReview of Economic Design
Volume24
Issue number1-2
Early online date25 Oct 2019
DOIs
Publication statusPublished - Jun 2020

Keywords

  • Adjusted bankruptcy rules
  • Consistency
  • NTU-bankruptcy problems
  • Parametric bankruptcy rules
  • Relative adjustment principle

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